Headland, Inc. began work on a $7,016,000 contract in 2020 to construct an office building. During 2020, Headland, Inc. incurred costs of $1,798,560, billed its customers for $1,125,000, and collected $910,000. At December 31, 2020, the estimated additional costs to complete the project total $3,197,440. Prepare Headlands 2020 journal entries using the percentage-of-completion method.